Intensive: Strategic and Tactical Trade Planning for Forex Traders
09/14/2007 12:00 am EST
Thirty forex traders enlisted for the FX Boot Camp workshop on Friday afternoon. Many seemed to think they'd get a secret trading weapon or magic formula. But they got much more than they bargained for…they learned how to think for themselves, build a trade plan around their analysis, and pull the trigger…while adding some consistency to their trading and in time, perhaps some confidence too!
Speed of market and momentum of price were much of the focus of the presentation. Attendees learned how a forex trader aligns market and price a lot like how a sniper aligns a riflescope with the target. Planning their trades like this will not guarantee they will always hit the mark, but it will certainly improve their likeliness of success.
Fractal geometry, chaos theory, and even quantum physics were all discussed in relation to currency trading in this four-hour seminar. More importantly, the Forex traders walked away with a better understanding of how to use fundamental and technical analysis for developing their trading plans.
In conjunction with chart analysis, Wayne McDonell of FX Bootcamp also demonstrated how to use commodity prices, bond prices, and pivot points as leading indicators to currency market action. He also shared how economic data relates to inflation, global money flow and how these create "carry trade" opportunities for hedge fund managers and savvy retail forex traders alike.